US
drugs giant AbbVie has raised its takeover offer for UK rival Shire to £30.1bn
($51.3bn) in its latest attempt to persuade the firm to agree a deal.
The
share and cash offer equates to £51.15 a share and is 11% higher than AbbVie's
previous offer made in June, which Shire said undervalued the firm.
AbbVie
chief executive Richard Gonzalez said the increased proposal was "a
compelling offer".
It
is AbbVie's fourth attempt to buy Shire, a drug maker for rare diseases.
"[This
offer] creates immediate and
long-term value to shareholders of both companies.
We think its shareholders should strongly encourage the Shire board to engage
in constructive dialogue with AbbVie," Mr Gonzalez added in a statement.
AbbVie
said it had spoken to Shire shareholders "representing a majority of
Shire's outstanding shares" before making its latest offer.
Shire
has already rejected three offers from AbbVie, and has warned against a
purchased based solely on its attractive tax base in the Republic of Ireland.
Founded
in 1986 in the UK, Shire conducts the majority of its business in the US. It
changed its tax base to Ireland in 2008.
The
firm is seen as an attractive takeover target for US drug firms because it has
no single controlling shareholder.
AbbVie
is just one of several US firms looking to acquire companies in favourable tax
locations and then relocate in the lower-tax nation, in a process known as an
inversion.
US
drug giant Pfizer recently failed in its efforts to do something similar with
UK firm AstraZeneca after the proposed acquisition was rejected by Astra and
also met with hostility from US and UK lawmakers.
BBC
Business
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